556-Unit Apartment Complex is Sold, Major Renovation Planned

CAMDEN, NJ-Ferry Station Associates has sold its 556-unit Ferry Station Apartments here in a transaction arranged by Robert Kremp of David Cronheim Mortgage Corp., based in Chatham, NJ. The buyer was not named and the terms and sale price were not disclosed.

Among the issues complicating the transaction was the fact that a fire had damaged 24 of the complex’s units. “It was one of the most complex deals I have ever experienced,” according to Kremp. “It took a lot of patience and perseverance by all of the parties involved. I believe that when the transaction closed, everyone was satisfied.”

Altogether, the sale took almost a year to close. Among other factors, various financing and grant programs were used by the buyer, who has launched a program to completely renovate and reposition the asset for affordable housing, according to Kremp.

The 24 damaged units are being rehabbed, with some of them being converted to amenity rooms and management and leasing offices. “Construction is well underway and progressing rapidly,” according to Kremp.